13,038 housing loan applicants benefit from RM1.5b guarantee scheme
The Malaysian Reserve, 10 Aug 2022
Govt will continue to introduce more initiatives to assist those who are unable to obtain housing financing for various reasons, particularly B40
A TOTAL of 13,038 applicants have benefitted from the Housing Credit Guarantee Scheme from its implementation in 2008 until May 31, 2022, with a total value of RM1.5 billion.
Deputy Finance Minister Datuk Mohd Shahar Abdullah said the government will continue to introduce more initiatives to assist those who are unable to obtain housing financing for various reasons, particularly the below 40% income group (B40).
He added that during the presentation of Budget 2008, the government announced a guarantee scheme to selected financial institutions to enable those who are able but do not have proof or salary statement or earn irregular income to access housing financing up to 100%.
“This is different from the usual housing loans offered by banks, which generally require borrowers to have a fixed income and have official proof of income.
“In this regard, in 2007, the Housing Credit Guarantee Co (SJKP) was established with the mandate to provide a housing credit guarantee scheme to overcome the problems of these groups,” he said in response to a question posed by Datuk Arman Abu Hanifah at Dewan Negara today.
He added that the government’s effort to bring in more participants had seen this scheme continue through the guarantee provision of up to RM2 billion.
This is expected to benefit up to 6,000 households, including young people, gig workers and micro-entrepreneurs, to enable them to have their own homes.
In addition, this scheme has also been improved where the financing guarantee limit has been increased from RM300,000 to RM400,000, which also includes legal fees and property valuation fees.
He highlighted several initiatives taken to promote this programme, namely by involving SJKP under the I-Biaya programme and the Keluarga Malaysia Aspiration Tour programme, which covers every state including Sabah and Sarawak; promotion of the scheme through mass and electronic media and billboards and close cooperation with stakeholders such as financial institutions and developers for joint promotion and approval of financing applications under the Housing Credit Guarantee Scheme.
(Web source: https://themalaysianreserve.com/2022/08/10/tengku-zafrul-13038-housing-loan-applicants-benefit-from-rm1-5b-guarantee-scheme/)